Legal & General Group Plc Sells 215,527 Shares of GE Vernova Inc. (NYSE:GEV)

Legal & General Group Plc reduced its stake in GE Vernova Inc. (NYSE:GEV) by 12.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,466,657 shares of the company’s stock after selling 215,527 shares during the quarter. Legal & General Group Plc’s holdings in GE Vernova were worth $482,427,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in GEV. Norges Bank bought a new position in shares of GE Vernova during the 4th quarter valued at approximately $1,109,720,000. Massachusetts Financial Services Co. MA raised its holdings in shares of GE Vernova by 1,638.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after purchasing an additional 1,238,690 shares during the period. FMR LLC lifted its stake in GE Vernova by 3.4% in the fourth quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after purchasing an additional 814,155 shares during the last quarter. Raymond James Financial Inc. bought a new position in GE Vernova during the fourth quarter valued at $219,187,000. Finally, Arrowstreet Capital Limited Partnership increased its position in GE Vernova by 555.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after buying an additional 482,787 shares during the last quarter.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of recent research reports. Citigroup upped their price target on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective on the stock in a report on Wednesday, March 5th. Johnson Rice began coverage on shares of GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. Evercore ISI boosted their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, BMO Capital Markets cut their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $349.20.

GE Vernova Price Performance

NYSE GEV opened at $284.92 on Tuesday. The stock’s 50 day simple moving average is $333.17 and its 200-day simple moving average is $326.26. The company has a market cap of $77.88 billion and a PE ratio of 51.24. GE Vernova Inc. has a 1-year low of $125.86 and a 1-year high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.